To The Moon

$KepPacOakReitUSD(CMOU.SI)$ Basic Profile & Key Statistics Main Sector(s): Office Country(s) with Assets: United States No. of Properties (exclude development/associate/fund): 13 Key Indicators Performance Highlight Despite improvements in gross revenue and NPI, income available for distribution declined due to higher interest costs. Rental Reversion Rental revision for 3q is at positive 3.8%. Related Parties Shareholding REIT Sponsor's Shareholding: Below median by 20% or more REIT Manager's Shareholding: Above median by 10% or more Directors of REIT Manager's Shareholding: Above median by 20% or more Lease Profile Occupancy: ± 5% from median WALE: ± 10% from median Highest Lease Expiry within 5 Years: Below median by 20% or more; Falls in 2027 Weighted Average Land Lease Expiry: 100% Freehold Properties Debt Profile Gearing Ratio: ± 10% from median Cost of Debt: ± 10% from median Fixed Rate Debt %: ± 10% from median Unsecured Debt %: 100% WADM: ± 10% from median Highest Debt Maturity within 5 Years: Below median by 10% or more; Falls in 2028 Interest Coverage Ratio: ± 10% from median Diversification Profile Top Geographical Contribution: Below median by 20% or more Top Property Contribution: Below median by 10% or more Top 5 Properties' Contribution: ± 10% from median Top Tenant Contribution: Below median by 20% or more Top 10 Tenants' Contribution: Below median by 20% or more Key Financial Metrics Property Yield: Above median by 10% or more Management Fees over Operating Distributable Income: Below median by 20% or more; $ 9.01 distribution for every dollar paid Operating Distributable Income on Capital: Above median by 10% or more Operating Distributable Income Margin: Below median by 10% or more Operating Distribution Proportion: 100% DPU Breakdown TTM DPU Breakdown100% from Operation Trend Flat: DPU from Operation, NAV per Unit, Committed Occupancy, Property Yield, Operating Distributable Income Margin Slight Downtrend: Operating Distributable Income on Capital Downtrend: Interest Coverage Ratio Relative Valuation Dividend Yield: Above +2SD for 1y, 3y & 5y P/NAV: Below -1SD for 1y; Below -2SD for 3y & 5y Author's Opinion The performance is similar to the previous quarter. In terms of debt, there is a 1.7% maturity this year from uncommitted revolving credit facilities drawn and 12.6% maturing in 2024. Coupled with the moderate fixed rate debt at 76%, the near-term impact of further interest rate increases should be minimal. From the slides for Decoding KORE's Strategy to Navigate the Volatile US Market (Hosted by REITAS) dated 19th Oct, the portfolio valuation would need to fall by approx. 23% to reach the 50% gearing limit. The interest coverage ratio of 3.3 is also well above the loan covenant’s minimum of 1.5. For more information, check out REIT-TIREMENT *Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my own findings and should not be considered as professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decisions.